Company News and Press Releases From Other Sources:
U.S. Canadian Minerals Inc. & CMKM Diamonds Inc. Announces Joint Venture
LAS VEGAS, Feb 26, 2004 (BUSINESS WIRE) -- U.S. Canadian Minerals Inc. (OTC BB: UCAD) announced today that the company has entered into a joint venture with CMKM Diamonds Inc. (Pink Sheets: CMKM). The following is an excerpt from CMKM's press release issued earlier today:
CMKM Diamonds (formerly Casavant Mining Kimberlite International) announced a negotiated Definitive Agreement for a Major Airborne Survey in the Fort a La Corne Canadian kimberlite fields. Their board of directors announced they have successfully negotiated and completed a contract with Goldak Airborne Surveys. A tri-axial magnet gradient survey will be conducted over an area of approximately 53,841 km in the Fort a la Corne and surrounding area and is scheduled to commence in approximately three weeks.
"We plan to work aggressively to make this happen for the shareholders and all the companies involved!" said Chairman Urban Casavant. "We will identify known as well as search for new potential kimberlite pipes within our claims."
"This tri-axial magnet gradient survey is the same survey conducted on Kensington Resources Ltd. KRT claims in the Fort a la Corne area producing outstanding known results," continued Casavant. See Kensington Resources Ltd. KRT Press Release 01-21-2004
Six new anomalies with magnetic character indicative of kimberlite bodies in the Fort a La Corne area were identified. Tri-axial gradient data was obtained for all of the Joint Venture land area from the airborne Goldak Tri-Max System run on 150-meter lines and on a 40-meter cell size. The anomalies are located across the length of the known kimberlite trend and in-house specialists at De Beers are modeling the size of these features. The high resolution of this survey will also permit re-definition of many of the historical kimberlite outlines.
Due to the overall cost and the magnitude of this survey area to be conducted, financing for the survey will be provided through a joint venture between CMKM Diamonds Inc. and several other Fort a La Corne claim owners whom are publicly U.S. and Canadian Exchange traded companies.
CMKM Diamonds Inc. has entered into an agreement between U.S. Canadian Minerals (UCAD) OTC:BB, which holds claims in more than 500,000 acres adjoining CMKM Diamonds Inc. claims in the Fort a la Corne area along, with Rick Walker, company president of Shane Resources (SEI.H) CDNX, Consolidated Pine Channel (KPG) CDNX, and United Carina Resources (UCA) CDNX, to share the cost on this major airborne survey. "This joint venture should prove to be mutually beneficial to all the companies involved," explained CEO and President Rendal Williams of U.S. Canadian Minerals (UCAD OTC:BB). "Working hand-in-hand with our neighboring companies in a joint effort of this size will not only save large amounts of expense for each company in exploration stage work but share common ground with technologies and experiences to bring success to all of our shareholders."
There is no guarantee, however, that the survey will identify any kimberlite or kimberlite pipes. Even if numerous kimberlite pipes are identified there is no guarantee that any such kimberlite pipes will contain any diamonds.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.
SOURCE: U.S. Canadian Minerals Inc.
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